Blockchain Music Startup Tune.fm Secures $50M Funding to Empower Artists and Users

Tune.fm has raised $50 million in fresh capital from Global Emerging Markets, bringing its total funding to $80 million. The funds will be used to reward artists and users on the platform.

Tune.fm, a blockchain-based music startup, has raised an additional $50 million from Global Emerging Markets (GEM), bringing its total funding to $80 million. The fresh capital injection will be used to reward artists and users on the platform, enabling a more equitable revenue distribution model in the music streaming space.

The company aims to address a longstanding issue in the music industry, where large corporations take a majority of the profits while artists receive a small share. Tune.fm’s decentralized approach allows artists to receive direct compensation for their work, bypassing traditional intermediaries.

This marks a significant move in the evolving music industry, where blockchain technology is providing new ways to disrupt the status quo. Tune.fm is not alone in this venture—digital music pioneer eMusic introduced its own cryptocurrency, eMU, in 2020, with the goal of ensuring that artists receive 50% of the revenue from their songs.

The global music industry has undergone a massive transformation, shifting from CDs to streaming services, with platforms like Spotify dominating the market. According to Statista, the global music streaming market is projected to generate $34 billion in revenue by 2027. Despite its massive user base and success, Spotify pays artists an average of only $0.003 to $0.004 per stream, and earnings begin only after 1,000 streams within a 12-month period.

Tune.fm’s blockchain-based model seeks to challenge this dynamic by offering artists better compensation and a fairer share of the revenue they generate. By leveraging decentralized technology, the platform promises a more transparent and rewarding system for musicians and users alike.

As the music industry continues to embrace blockchain innovations, startups like Tune.fm are set to redefine how artists and fans interact with music, paving the way for a more decentralized future in the entertainment sector

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